NextEra Energy Partners (NYSE:NEP) Reaches New 1-Year Low - Here's What Happened

NextEra Energy Partners, LP (NYSE:NEP - Get Free Report) shares reached a new 52-week low during mid-day trading on Wednesday . The stock traded as low as $19.16 and last traded at $19.39, with a volume of 332984 shares. The stock had previously closed at $19.27.

Analysts Set New Price Targets

NEP has been the subject of several research reports. Wolfe Research downgraded NextEra Energy Partners from an "outperform" rating to a "peer perform" rating in a research report on Thursday, July 25th. Evercore ISI dropped their price objective on shares of NextEra Energy Partners from $32.00 to $30.00 and set an "outperform" rating for the company in a report on Thursday, October 24th. BNP Paribas started coverage on shares of NextEra Energy Partners in a report on Tuesday, October 1st. They set an "underperform" rating and a $15.00 target price on the stock. Raymond James downgraded shares of NextEra Energy Partners from an "outperform" rating to a "market perform" rating in a research note on Tuesday, July 9th. Finally, JPMorgan Chase & Co. upgraded NextEra Energy Partners from an "underweight" rating to a "neutral" rating and reduced their price objective for the company from $25.00 to $22.00 in a research note on Thursday, October 24th. Four equities research analysts have rated the stock with a sell rating, ten have given a hold rating and three have issued a buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $26.69.

NextEra Energy Partners Stock Down 0.5 %

The firm has a market capitalization of $1.79 billion, a PE ratio of 8.83 and a beta of 1.06. The business's fifty day moving average price is $25.21 and its 200 day moving average price is $27.53. The company has a quick ratio of 1.78, a current ratio of 2.02 and a debt-to-equity ratio of 0.37.

NextEra Energy Partners (NYSE:NEP - Get Free Report) last posted its quarterly earnings data on Wednesday, October 23rd. The solar energy provider reported ($0.43) EPS for the quarter, missing the consensus estimate of $0.51 by ($0.94). NextEra Energy Partners had a net margin of 17.47% and a negative return on equity of 1.07%. The company had revenue of $319.00 million for the quarter, compared to analysts' expectations of $332.25 million. During the same period in the prior year, the company earned $0.57 earnings per share. The firm's revenue was up 3.6% on a year-over-year basis. On average, equities research analysts forecast that NextEra Energy Partners, LP will post 1.77 earnings per share for the current fiscal year.

NextEra Energy Partners Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 14th. Shareholders of record on Wednesday, November 6th will be paid a $0.9175 dividend. This is a boost from NextEra Energy Partners's previous quarterly dividend of $0.91. This represents a $3.67 annualized dividend and a yield of 19.13%. The ex-dividend date of this dividend is Wednesday, November 6th. NextEra Energy Partners's payout ratio is currently 166.06%.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Hexagon Capital Partners LLC grew its holdings in NextEra Energy Partners by 208.3% during the first quarter. Hexagon Capital Partners LLC now owns 928 shares of the solar energy provider's stock worth $28,000 after acquiring an additional 627 shares during the period. Commonwealth Equity Services LLC increased its holdings in shares of NextEra Energy Partners by 39.9% in the 1st quarter. Commonwealth Equity Services LLC now owns 60,212 shares of the solar energy provider's stock valued at $1,811,000 after purchasing an additional 17,173 shares in the last quarter. Private Advisor Group LLC acquired a new stake in shares of NextEra Energy Partners in the first quarter valued at about $679,000. Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of NextEra Energy Partners by 22.2% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 40,644 shares of the solar energy provider's stock valued at $1,223,000 after purchasing an additional 7,372 shares during the period. Finally, BNP Paribas Financial Markets boosted its holdings in NextEra Energy Partners by 716.5% during the first quarter. BNP Paribas Financial Markets now owns 30,145 shares of the solar energy provider's stock worth $907,000 after buying an additional 26,453 shares in the last quarter. 66.01% of the stock is owned by hedge funds and other institutional investors.

NextEra Energy Partners Company Profile

NextEra Energy Partners, LP acquires, owns, and manages contracted clean energy projects in the United States. It owns a portfolio of contracted renewable generation assets consisting of wind, solar, and battery storage projects. The company owns contracted natural gas pipeline assets. NextEra Energy Partners, LP was incorporated in 2014 and is based in Juno Beach, Florida.